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Naira to Dollar Exchange Rate Dips to N745/US$1 Today October 17, 2022

Nigerian Naira exchanged at N745 to a United States Dollar in the black market, representing a N3 decline from N742 it traded on Friday.

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Naira to Dollar exchange rate: The exchange rate between the Nigerian Naira and Dollar remains under pressure as of Monday, 17 October 2022, amid foreign exchange scarcity and low revenue generation.

The Nigerian Naira exchanged at N745 to a United States Dollar in the black market, representing a N3 decline from N742 it traded on Friday.

At the Investors & Exporters (I&E) foreign exchange window, the Naira opened at N440.00 against the United States Dollar on Friday before closing at N441.38. Check here later today for today’s update.

Currency traders at the Investors and Exporters forex window traded $69.18 million worth of transactions during the trading session of Friday.

As the Nigerian Naira exchange rate against its global counterparts drop in value, the high inflation rate amid surging interest rate continues to drag on the Nigerian economy ahead of the 2023 general elections.

Crude Oil

On Monday, crude oil prices extended their decline slightly as global uncertainty amid Chinese loose monetary policy dictated price direction. 

Brent crude oil, the Nigerian type of oil, dipped to $91.02 per barrel at 1:16 pm, while the U.S. West Texas Intermediate (WTI) dipped to $83.95 per barrel.

Meanwhile, the Nigerian government has discovered another illegal oil pipeline attached to 400,000 barrels per day Forcados pipeline as the government intensified its anti-theft campaign across all oil-producing states in Nigeria.

Commenting on how the illegal pipeline was discovered, a marine intelligence consultant for TSSNL, Captain Waredi Enisuoh, said “We have been monitoring all these activities for quite a while now and we are waiting for the day our country will move forward.

“What had happened was that the perpetrators of this particular organized crime had tapped into Shell 48 inch export line.

“The crude has been cleaned up and ready to go. It’s quite expensive. So, they tapped into it. The place was initially filled with water but technologically, they were able to connect their own pipes under water.

“We traced the lines with bare feet to the point where it was tapped. We had to create two dams on either side of the pipe so that the water contained in the dam can be pumped out.”

Cryptocurrency

The biggest capitalized cryptocurrency Bitcoin (BTC) jumps above $19,000 on Monday, it improved by 1.45% in the last 24 hours to $19,398.45 a coin.

While Eth, the token of the Ethereum protocol improved by 2.99% in the last 24 hours to $1,320.07 a coin.

Binance coin (BNB), Cardano (ADA), Stellar (XLM), Solana (SOL) and Dogecoin (DOGE) appreciated by 1.05% to $272.74, 0.78% to $0.370579, 0.90% to $0.113889, 2.31% to $30.62 and 1.25% to $0.059588 a coin in the last twenty four hours.

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Naira

Naira Appreciates Slightly to N1,542.58/$ at NAFEM

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The Naira appreciated marginally against the United States dollar, closing at N1,542.58/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

This modest gain represents a 2.9 percent appreciation from the previous day’s rate of N1,598.54, highlighting a nuanced fluctuation in the currency’s value.

According to data sourced from the FMDQ Securities Exchange, a platform overseeing FX trading in Nigeria, the Naira’s journey throughout the trading day was marked by an intra-day high of N1,755 and a low of N1,050.

Moreover, the total foreign exchange turnover surged to $172.14 million, indicating a 47 percent increase from the previous day.

Despite the Naira’s marginal gain at NAFEM, concerns persist regarding the widening gap between the official and parallel market rates.

The Naira’s depreciation to N1,900 against the dollar in the parallel market before it moderated to N1,687 later in the day.

Analysts and Bureau De Change operators foresee further pressure on the Naira, with predictions of a potential all-time low of 2,000/dollar at the parallel market in the coming weeks.

The demand for the greenback continues to fuel volatility, prompting regulatory actions from entities like the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to curb speculative activities.

As stakeholders monitor the currency’s trajectory, the CBN’s efforts to address forex liquidity challenges and stabilize the Naira remain under scrutiny amidst evolving market dynamics.

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Naira

CBN Report: Currency Outside Banks Drops to N3.28 Trillion in January 2024

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A recent report released by the Central Bank of Nigeria (CBN) has indicated a notable decline in the amount of currency held outside banks, dropping to N3.28 trillion in January 2024.

This figure represents 89% of the total currency in circulation (CIC), signifying a shift in money circulation patterns.

Compared to December 2023, where currency outside banks stood at 94% of the total CIC, the recent decline suggests a reconfiguration in monetary dynamics.

The report further unveils a significant year-on-year surge, with currency outside banks skyrocketing by 314%, rising from N79 billion in January 2023 to N3.28 trillion in January 2024.

Currency trends in 2023 displayed fluctuating patterns, with notable peaks and dips throughout the year. However, December 2023 marked the zenith, recording the highest percentage of money held outside banks to CIC at 94%.

The CBN report sheds light on evolving financial landscapes, reflecting changing consumer behaviors, economic policies, and market dynamics.

Analysts anticipate that the data will inform future monetary policies and regulatory measures to ensure financial stability and liquidity in Nigeria’s economy amidst shifting trends and emerging challenges.

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Dollar to Naira Black Market Today, February 21st, 2024

As of February 21st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,820 NGN in the black market, also referred to as the parallel market or Aboki fx.

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As of February 21st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,820 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,710 and sell it at N1,700 on Tuesday, February 20th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,820
  • Selling Rate: N1,810

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